Myanmar will use a new loan of 60 million U.S. dollars provided by the Asian Development Bank (ADB) in power sector, official media reported Thursday.
According to the new loan agreement, signed between Myanmar's Finance Ministry and the ADB Wednesday, the new loan will be spent on installation of new transformer at sub-power stations in power supply system of Yangon, Mandalay, Magway and Sagaing regions, substitution of old power cables with new ones, installation of aerial bundled conductors at power lines and that of digital meters.
ADB pledged to offer Myanmar assistance in infrastructural development in terms of technology, finance, communication and sustainable energy when ADB President Haruhiko Kuroda visited Nay Pyi Taw in February 2013.
Myanmar settled 512 million U.S. dollars' debt in January 2013 owed to the ADB.
ADB has resumed social and economic assistance to help Myanmar build strong foundation for poverty alleviation scheme and reform process.